Juniper Networks Deepens Expertise in IP Infrastructure Technology
Completes Acquisition of Micro Magic, Incorporated
Sunnyvale, CA - December 11, 2000 - Juniper Networks, Inc. (Nasdaq: JNPR), today announced the closing of a definitive agreement to acquire privately held Micro Magic, Incorporated (MMI) of Sunnyvale, CA, a leading integrated circuit solutions company. Founded in 1995, MMI is an experienced team with deep and broad expertise in the tools, methodologies, and design techniques required to build high performance integrated circuits. The employees of MMI will be integrated into the Juniper Networks engineering organization and will contribute to continuing advances in the design of silicon for IP infrastructure at Juniper Networks.
Under the terms of the agreement, Juniper Networks common stock and cash worth approximately $260 million will be exchanged for all outstanding shares of MMI. Juniper Networks expects a charge of approximately $24.7 million in the fourth quarter of 2000 for in-process research and development and the amortization of goodwill and deferred compensation. For the full year of 2001, a charge of approximately $113.4 million for the ongoing amortization of goodwill and deferred compensation associated with the acquisition is expected.
"The talent, tools, and technology that Micro Magic brings to our core IP infrastructure engineering team will allow us to maintain and extend our lead in providing service provider customers with best-in-class systems," said Pradeep Sindhu, founder and CTO of Juniper Networks. "Having a team that has worked together and developed innovative silicon processes and tools will enable us to accelerate innovation in our core market space."
"We are excited to join the Juniper Networks engineering team and to bring our tools and technology to the high performance networking opportunity," said Mark Santoro, president and CEO of MMI.
About Juniper Networks, Inc.
Juniper Networks, Inc. is a leading provider of purpose-built systems that meet the scalability, performance, density, and compatibility requirements of rapidly evolving, optically enabled IP networks. These systems provide new IP infrastructure solutions for the world's leading service providers. Juniper Networks service and manufacturing teams and IP engineers work closely with customers to build and support customer networks. The company is headquartered in Sunnyvale, California. For more information, please visit our Web site at https://www.juniper.net.
Juniper Networks is a registered trademark of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks may be the property of their respective owners.